SMU Classification: Restricted
ACCT224 Financial Reporting & Analysis
Dr. Tracey Chunqi Zhang (traceyzhang@smu.edu.sg +65 6828 0104)
GROUP PROJECT REQUIREMENTS - Term 1, AY 2022-2023
A. Purpose of the project: evaluating accounting policies is one of the technical competencies
and learning outcomes required by many professional associations for the financial reporting
course. For example, CPA Australia lists its required technical learning outcome 2 as “evaluating
the appropriateness of accounting policies used to prepare financial statements and understand
that accounting involves the application of significant professional judgement”. The purpose of this
project is for students to engage in active learning by exploring the learning opportunities presented
in the business world and analyzing/researching as a group.
B. Form yourselves into project teams of 5 members each.
C. Project Requirements
Each group will select two public companies (operating in similar industries). Choose companies that you
can analyze reasonably well. As much as possible, choose companies with accounting policies that look
interesting to your group, in order to have some insightful analyses. You can choose companies listed on
SGX or another stock exchange, provided that the chosen companies prepare financial reports based on
IFRS. Note that SFRS (I) is 100% equivalent to IFRS. Avoid choosing financial institutions (banks,
brokerage firms, insurance companies, etc.).
You will analyze the most recent annual reports. You may supplement with information from other public
sources (including professional reports) – the sources are to be cited.
After analyzing the companies’ financial reports and disclosures in depth, answer the following questions:
(1) In your group’s opinion, what are the most important accounting policies for each company, given
their industry and business? Explain why your group consider these accounting policies to be the most
important.
Your group has the full discretion to define what it means to be the most important in terms of
accounting policies. There is no lower bound or upper bound on the number of the most important
accounting policies. You can examine accounting issues covered in FA and FRA courses (do not
analyze accounting issues covered in IFA or AFA courses).
Under IFRS, each reporting entity will include a summary of significant accounting policies describing
the most significant accounting adopted by the entity. This summary is typically at or near the beginning
of notes that accompany financial statements. In the annual report, the entities may also discuss what
accounting policies are deemed to be the most significant by the management and how the policies
affect the financial reports.
Summarizing or paraphrasing the disclosure prepared by the reporting entity is not sufficient.
The project should reflect the unique analysis and synthesis of each project group.
(2) In your group’s opinion, do the accounting policies and judgements applied by the management
present a fair and accurate picture of the company’s financial position and performance?
ACCT224 Financial Reporting & Analysis (Prof Tracey Chunqi Zhang)
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SMU Classification: Restricted
For questions (1) and (2), your answer will include relevant quantitative analyses such as
ratios, financial statement analyses, analyses of other relevant data, etc. The project
requirements do not have mandatory requirements for the quantitative analyses (what type
and what proportion). Each group will decide based on your reasoning and content. The
project should reflect the unique analysis and synthesis of each project group.
The project is designed to be open-ended. Your group is free to exercise judgement and
discretion. The goal is to have an appealing report with quality content, matured reasoning,
insightful analyses, creativity, and good writing style.
In your project report, each group is freely to choose whether to directly compare the two
companies (analyzing same set of policies) or analyze the two companies separately
(analyzing different policies for each company).
D. Project and Deliverables

Hard copy is NOT required. You should submit a soft copy of your report (via SMU eLearn
dropbox) in one single WORD file. The report is to be typewritten on A4-sized paper with
minimum font size of 10-point-Arial or equivalent, 1.5-line spacing.

The report should not exceed 8 pages (excluding the cover page & the table of content, but
including all tables, charts, and appendices, if any).

The cover page of the report should clearly state your class section and the full names and
Student ID of all your team members.

While you may consult or refer to outside research (including industry or professional reports),
you should not copy from them as that would be tantamount to plagiarism as well as
a violation of academic integrity. If outside research (including industry or professional
reports) is used or consulted, the sources are to be cited. Citation reflects your depth of
research. To avoiding being restricted by the page limit, use “end notes” for citations (rather
than “footnotes”) in the bibliography. “End notes” will be reviewed to establish the extent of
research carried out. The end of your report should include a bibliography of all references,
materials, or research reports done by others that you refer to or quote in your project. Your
bibliography should not be a listing of references without any clear linkage made to the text.
This bibliography does not count towards the 8 pages.
Deadline
All project requirements must be submitted by 17:00
extension of the deadline date will be entertained.
on 13 November 2022 (Sunday). No

All work is to be performed exclusively by the members of the team and all team
members must contribute their fair share to the project. Each team shall not
discuss/share with other teams, nor should you obtain help from any other persons
within or outside of SMU.

Unless I hear from you otherwise, I will assume that all members of your team are
contributing their fair share to the project and I will award the same marks to all
members of your team. If you have strong grounds to contend that a particular
member of your team should not receive the same marks as the other member(s)
including yourself, you should send an email to me under confidential cover explaining
clearly the reasons for your allegation not later than one day after submitting your
project report. If any of your other team members also feels the same, he/she should
submit his/her own independent allegation to me via email. I will evaluate each
allegation on its own merit, but my ultimate decision with respect to the award of marks
to each team member shall be final.
ACCT224 Financial Reporting & Analysis (Prof Tracey Chunqi Zhang)
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SMU Classification: Restricted

University-recommended sanctions and penalties will be imposed for any plagiarism
or academic integrity violation in this project. All project reports submitted will be checked
with other reports and other data source using a plagiarism detection software. I view very
seriously any plagiarism of either industry or professional reports, or previous terms’
project reports done by other students (whether in accounting, finance or any other
course), as well as attempts to falsify any information for a project. The maximum
penalty for such acts is an “F” grade for the whole course.
Assessment & Evaluation
The project should reflect the unique analysis and synthesis of each project group.
It will not be appropriate for you to request the professor to provide answers to guide
your thought process or to check your work in progress.
The team project carries a maximum of 14% of the total marks for the course. Credit will be given for
quality content, matured reasoning, creativity, good writing style, appealing report. You can safely
assume that I understand most basic concepts of accounting and finance and you need not repeat
these concepts in your report. Write to the point. Avoid describing irrelevant facts. A concise and
well-thought analysis is valued more than a lengthy discourse.
ACCT224 Financial Reporting & Analysis (Prof Tracey Chunqi Zhang)
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